My wife has transferred £7000 from her Monzo account to her Lloyds account

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Hijacking this thread to mention that, next year, with the introduction of Confirmation of Payee, you’ll have to confirm the name on the account you’re sending the money too.

This should go a long way to stopping authorised push fraud, and also give you more confidence that you’re really sending the money to the right account and haven’t accidentally entered the wrong account code.

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My concern about this is how much leniency there is regarding special characters (some legacy banks may not support characters like é or ñ which are common in names), hyphens or middle names.

This should go a long way to stopping authorised push fraud

You have way too much faith in humanity I’m afraid. :joy::joy::joy:

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Will it affect existing payment details? I want to keep my slush fund!

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Payment details are stored on the sending bank and are simply re-sent every time you do a payment, so yeah if this goes into effect I’d expect payments using those details will no longer work and you’d have to edit the payee and set the proper name.

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Or change your name by Deed Poll to Slush Fund.

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There’s a committee and various vendors are pitching solutions to help with the near match problem. If you enter an almost correct name, you’ll be asked “did you mean XXXX” as long as it was very close.

The airline industry has had this solved for many years. The IATA has very complete rules for what constitutes close enough, as they use them to check that you’re flying on a ticket in your name.

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Yep because legacy.

UTF-8 might be easy for us but it’s something totally alien to the legacy world. Those guys aren’t there yet, they’re too busy trying to figure out how to properly separate data from code.

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Monzo’s

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I’d literally rather only have cash than use one of those pin readers

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Very recently MoneyBox on Radio 4 grilled someone important over this and found out that it’s just a basic name check. If it matches or is very close then it will go through, if not it should say “Account holder’s name is Slush Fund. Are you sure you want to proceed?” or something like that. So it’s not meant to be an annoying blocker on payments but a helpful tool.

I know someone who is currently trying to locate a 6-figure sum they sent to the wrong account, which would have been avoided with this simple name prompt. :flushed:

I wonder why this has taken so long to come about? It seems so basic and necessary.

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